NSW Opinions -Sydney

For those on the ground, is it too late to sell?

Any particular markets/areas tanking at the moment? Do you think it's only the savvy investors who understand it's changing?


Thanks
MTR

 

want to sell your Doonside one, MTR?

 

No.
Just curious to find out what is actually happening, getting mixed messages

 

My armchair view is, lot of grunt still there and it's not too late to sell.

 

Thanks, interesting

When Perth crashed in 2007 I don't think there were obvious signs other than regional areas started slowing and then Perth crashed, almost like the light was switched off, no real warning, many caught out and still buying while the market continued to turn

Wondering whether this will be same in Syd.

I have heard auctions clearances haven dropped off significantly?

I expect inner city desirable areas will be the last to tank?

 

The market is still strong. Not as many buyers. And may take longer to get the buyers, but doesn't mean you can't get what it was selling for a month or two ago. Perhaps not a crazy jump since, however for the right price...strong

 

What I heard from a Sydney investor - there is still some activity but apparently a lot of investor exit happening. Depending on the product, the average days on market is also climbing.

Time to cash out maybe? I am a strong believer of "take profit" than "take hope"

 

Around my way, good properties are still selling for record prices but below average properties are now not selling. Discounting is starting to happen at the low end too.

 

IMO the market here has really eased in a big way. I have agents pretty much begging me to attend auctions and make offers on properties. One agent told me to put an offer on a property that is 50k below asking price. 12 months ago it needed to be 50k above the asking price. Too late to sell if you ask me.

 

I don't see anything wrong with testing the market. If you don't get the right price then you'll at least have tried.

 

I have noticed good houses in the inner west that would have previously sold well at auction are being passed in, often with no bids, or withdrawn prior. But the vendors are not selling cheap, they are putting a price and sticking to it.

Eastern suburbs still feels hot though.

n.b. above is for houses, not watching units.

I think you can still get a good price, I mean you may not get the silly prices that were happening through Winter and late autumn(on select properties) but you should still be getting a lot more than you would have last year... yeah?

Is anyone actually expecting inner city Sydney prices to tank or just stop growing so fast??

 

I am finding this to be true as well. Just the drop in the clearance rate is a good indicator. Also, seeing some properties where it is selling at a fixed price.

 

Legal costs, marketing costs + all the effort of open homes. Not quite pain free.

 

Yes, I do find the clearance rate can be misleading though. If a property sells shortly after the auction for a good price then for me that is still a successful sale.
Much prefer first hand knowledge of what, how, when, how much$$

 

That's true, it is a bit of a headache and the costs do add up.

 

I don't know how it is in Sydney but in Perth, quite easy to find an agent with no extra costs. All or nothing type of deals. Worst case, will be up for a few hundred dollars worth of advertising.

 

Not too late to sell imo. Good houses with realistic vendors are still selling for good prices.. I haven't seen anything sell less than what it was a few months back.. It's the same price, just longer to sell..

 

Don't think the word tanking can be used for Sydney atm..Can't see it tanking without an interest rate rise..

 

Can't say I am familiar with Perth but I own property in a few states and that has not been my experience. There is a cost associated with marketing for sale. Someone needs to take professional photos, create copy, create floor plans, create brochures, put up a sign board, advertise on RE and Domain etc. This is at least 2k. Then there is your legal cost. You need to get a contract drawn up, otherwise you cannot appoint an agent or ever actually sell your property, at least 1k there. Certainly not a cost free exercise.

 

Wow, $1k contract just to put the property on the market? That's steep. Do you happen to have a complex structure? Sadly, I am not very familiar with states other than WA but here you can negotiate an all inclusive price that the vendor only pays if the property sells. The marketing costs can be anywhere from a couple hundred dollars to $2k+ depending on the marketing plan.